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3 Apr 2014
The Yen trend is your friend – FXStreet
FXStreet (Guatemala) - Ivan Delgado, Head of Asian Editors at FXStreet explained for USD/JPY that for a fifth consecutive up-day has driven the market above the 61.8% fib retrac from the Jan-Feb decline, technically paving the way for further gains ahead.
Key Quotes:
“The pair just needs a slight further push north to see the chikou span break through the top of the daily cloud”.
“Another positive input noticed on the daily chart is the flattening of the future cloud, communicating sentiment is no longer on the selling side”.
“Even ahead of NFP, the say 'the trend is your friend' still applies, thus further gains should definitely not be ruled out with traders still having some room for short term intraday longs until Friday US NFP data”.
“Key resistances, as I view it, are located at 104.00 round number, 104.30 (76.4 fib retrac), 104.85/105.00 (double top mid Jan/round number) and last trend high at 105.50”.
“On the downside, the hourly kijun line continues to reliably command the price higher, with the last ADP-driven Wed dip being bought up right at the hourly kijun intersection again, thus reinforcing the relationship built”.
Key Quotes:
“The pair just needs a slight further push north to see the chikou span break through the top of the daily cloud”.
“Another positive input noticed on the daily chart is the flattening of the future cloud, communicating sentiment is no longer on the selling side”.
“Even ahead of NFP, the say 'the trend is your friend' still applies, thus further gains should definitely not be ruled out with traders still having some room for short term intraday longs until Friday US NFP data”.
“Key resistances, as I view it, are located at 104.00 round number, 104.30 (76.4 fib retrac), 104.85/105.00 (double top mid Jan/round number) and last trend high at 105.50”.
“On the downside, the hourly kijun line continues to reliably command the price higher, with the last ADP-driven Wed dip being bought up right at the hourly kijun intersection again, thus reinforcing the relationship built”.